Costs of starting the business

Time spent on bookkeeping and taxes

Building lease

Utilities

Opening a checking account

Internal expenses

Medical license

Business permit

Explanation:

Opportunity costs-

Opening a checking account

Accounting costs-

Time spent on bookkeeping and taxes

Building lease

Utilities

Internal expenses

Medical license

Business permit

N/B: Accounting costs include legal fees, internal expenses, and administrative costs

Opportunity costs

Opening a checking account-opening a high yield savings account is an opportunity cost for starting a small-scale business since the money can yield high interest if saved for future use.

The name of the business

Gross Hotel

Consider the market for your good or service

1. List one characteristic (shift factor) of demand for your specific good or service.
2. List one characteristic (shift factor) of supply for your specific good or service.
3. Describe how the market achieves equilibrium.